Nazgul:
I've been complaining about this nonsense since.

You'll go to a bank ATM only to discover that they're not dispensing cash, yet all the POS agents around the banks all have cash. Before Ecobank Ojuelegba was demolished, there was a time I went there their atm wasn't dispensing cash, Access bank which is close to them too didn't have cash. Yet all the POS operators within that vicinity had suplurs cash. You can even request for 100k and they'll give you.

Even the banks who would manage to give you cash wouldn't give you above 10k. If you want anything above 10k go to POS.

Yesterday I made a withdrawal of 10k from a POS operator, she charged me N300. Yes you heard me right N300 to collect 10k. She told me that it's because of the new charges CBN put on them for 10k deposits and above. So if I want 50k I'll pay 1,500? What kind of robbery is that?

I've been saying this that banks deliberately starve their ATMs of money because many of them sell cash to POS operators who in return sell to customers at abnormal rates. CBN should keep up the good work they're doing by slamming them with heavy fines.

We are our problem in this country.

Some POS operators might be getting their cash from banks, I can't argue against that. Just because I haven't seen one case doesn't mean it is not happening but I'm sure that you too just cooked it up, not that you witnessed one.
But what I can authoritatively tell you is that most POS get their cash from business people including fuel stations. Some give it to POS operators free of charge because they too don't want to waste their time going to the banks to deposit while some charged the POS operators some fees.

RenaissanceGuy:
They should remove Globus and Providus banks from that list, as they're just up and coming banks.

So, they don't have cash because CBN is not giving them cash, right? Up and coming banks engaging in dirty practices

Nazgul:
I've been complaining about this nonsense since.

You'll go to a bank ATM only to discover that they're not dispensing cash, yet all the POS agents around the banks all have cash. Before Ecobank Ojuelegba was demolished, there was a time I went there their atm wasn't dispensing cash, Access bank which is close to them too didn't have cash. Yet all the POS operators within that vicinity had suplurs cash. You can even request for 100k and they'll give you.

Even the banks who would manage to give you cash wouldn't give you above 10k. If you want anything above 10k go to POS.

Yesterday I made a withdrawal of 10k from a POS operator, she charged me N300. Yes you heard me right N300 to collect 10k. She told me that it's because of the new charges CBN put on them for 10k deposits and above. So if I want 50k I'll pay 1,500? What kind of robbery is that?

I've been saying this that banks deliberately starve their ATMs of money because many of them sell cash to POS operators who in return sell to customers at abnormal rates. CBN should keep up the good work they're doing by slamming them with heavy fines.

We are our problem in this country.

Almost all Bank workers now are into POS business

Access bank should be added to the list

Quinns:
Zenith can Neva have Money in their machine, like Neva.

Zenith Bank will pay the fine and continue with their policy of no money in ATM

For the frist time in 8 years we see CBN waking up to some of its responsibilities, we hope they wake to their core oversight functions which is to ensure depositors funds are safe in banks, there is a growing wave of unauthorized transactions in customers' accounts especially those with cards and online presence, these complaints are being suppressed at the banks level with dubious excuses like upgrades and pos operators ( who are mostly owned by bankers).

CBN needs to up its game to avert potential crises in the sector. The orientation of the present generation of bankers is that of gangsterism, fiduciary recklessness and irresponsibility. It has the potential of causes another financial crisis in the country.

This banks know what they are doing, the cbn want a share from the POS money that is been sell by the banks.. it is just a share of money all over. So that fines is just a share of the money it does not make money to be available in ATM machine go to the bank, and you will see that there is still no cash available.. funny country..

234GT:


Not true sir

POS operators highjack cash from filling stations and wholesale food sellers, thus stopping cash from getting to the bank in the first place. They are also first to get to the atms to empty the atms of the little cash banks manage to load.

The average professional staff in a Nigerian commercial bank is well paid, and would be actually under a curse to sell cash to POS operators.

Speaking base on your environment anyway. The right word might not be sell but you will have to part with some cash before you can get your desired amount.

Nazgul:
I've been complaining about this nonsense since.

You'll go to a bank ATM only to discover that they're not dispensing cash, yet all the POS agents around the banks all have cash. Before Ecobank Ojuelegba was demolished, there was a time I went there their atm wasn't dispensing cash, Access bank which is close to them too didn't have cash. Yet all the POS operators within that vicinity had suplurs cash. You can even request for 100k and they'll give you.

Even the banks who would manage to give you cash wouldn't give you above 10k. If you want anything above 10k go to POS.

Yesterday I made a withdrawal of 10k from a POS operator, she charged me N300. Yes you heard me right N300 to collect 10k. She told me that it's because of the new charges CBN put on them for 10k deposits and above. So if I want 50k I'll pay 1,500? What kind of robbery is that?

I've been saying this that banks deliberately starve their ATMs of money because many of them sell cash to POS operators who in return sell to customers at abnormal rates. CBN should keep up the good work they're doing by slamming them with heavy fines.

We are our problem in this country.

Some are actually greedy. Exact 10k does not attract the federal government levy except any amount above 10k. They can still charge 200 on 10k and add 50 extra above 10k cause they are in the business to make profit as well. Let's say you run the business and a customer approach you to withdraw 10200 having in mind FG will deduct 50 from that 200 and the fin tech company that owns the POS will also charge you on that transaction. Probably 55 naira or so. So add everything together and deduct from that 200, so basically they are left with nothing. Were they charging above 200 before the introduction of federal government levy? You too think am na.

We need to also consider the fact that banks are not getting cash deposits again from market people and fuel stations like they used to get in the past.

For most banks to get cash now, they have to go to CBN for cash withdrawals and CBN usually will not give much.

So m0st business people make money by selling their cash to POS people; who now in turn give to us customers at high rate.

i collected #5k for #200 yesterday.

CBN has to look into the issue holistically

Starzo:

Work nor dey,the small pos job wey some people dey manage you still wan pursue Dem comot...nawa for you o

E no reach to pursue them?
How person go take 4k to collect 100k and e go dey smile?

Osariemen12:
Selective justice system can never be fair.

If GT Bank is not on the list, it is biased. Let someone swear with his life that the GT Bank branch at NTA Road, Location junction, by the newly built flyover, Port Harcourt dispensed a dime throughout December 2024 and the first 14 days of 2025. Yet, the Fidelity Bank branch that is directly opposite it, by Genesis restaurant pays throughout the month and days in question, including Sundays. It dispenses cash even as I type now. The latter is fined while the former is free.

The system is biased.

Did you report GT Bank?

All these ones that were fined, no be fellow countrymen report dem give CBN?

Change begins with Buharia.

They gang up with POS operators.
Criminal enterprise.

Serves them right. No wonder First bank don dey change

Nazgul:

I don't need to know anything about the banking sector. I'm talking based on my experience.

How would you explain POS operators having cash and banks don't? You can't even withdraw 20k from you account. They'll tell you that what they can give to you is 10k.

Yet people walk into the banks to make deposits daily.

The most annoying thing there, the POS people will be operating in front of Banks, they have stands in front of Banks.
Come to bank road in Owerri,you will see pos people transacting in front of Banks,same things at Nowas Enugu

Nazgul:
I've been complaining about this nonsense since.

You'll go to a bank ATM only to discover that they're not dispensing cash, yet all the POS agents around the banks all have cash. Before Ecobank Ojuelegba was demolished, there was a time I went there their atm wasn't dispensing cash, Access bank which is close to them too didn't have cash. Yet all the POS operators within that vicinity had suplurs cash. You can even request for 100k and they'll give you.

Even the banks who would manage to give you cash wouldn't give you above 10k. If you want anything above 10k go to POS.

Yesterday I made a withdrawal of 10k from a POS operator, she charged me N300. Yes you heard me right N300 to collect 10k. She told me that it's because of the new charges CBN put on them for 10k deposits and above. So if I want 50k I'll pay 1,500? What kind of robbery is that?

I've been saying this that banks deliberately starve their ATMs of money because many of them sell cash to POS operators who in return sell to customers at abnormal rates. CBN should keep up the good work they're doing by slamming them with heavy fines.

We are our problem in this country.

It’s not the bank..the real issue is that deposits now is very low because most of the institutions like supermarket, market traders, fuel stations who provide liquidity for the banks now prefer to sell to POS operator directly..
POS operator will pay 500naira or 1000naira for every 100k cash..so rather than taking the cash to bank..they will prefer to give the operators.

kay29000:


Very true. They had new naira notes sef in my area, Idimu, Egbeda area of Lagos.

I collected enough 1k mint tire via their ATM Machine

Dynamicboss:


And their network got better during the festive season unlike previous seasons

Yes they saved life throughout the festive period

I am happy UBA is among cos the UBA bank around my hood with like 7 ATMs you can never meet 1k in anyone, day in day out

ElevationD:


E no reach to pursue them?
How person go take 4k to collect 100k and e go dey smile?

Nor be their fault....na the way the country be

lekonso:

I quiet agree with you on this. May be the best thing to do will be to scrap the POS business, since they have become a curse rather than a blessing. You carry your money to the bank, they accept any amount, only to attempt to withdraw, it becomes a problem, this should not be the case

Abi